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What’s in store for food prices?

Food price inflation is believed to have peaked at +19.1 per cent year-on-year in Q1 2023, which is broadly in-line with its previous forecasts, according to forecasts from the Institute of Grocery Distribution.

Inflation is now expected to fall slowly as 2023 progresses, ending the year at +8-1- per cent, and turning slightly negative in late 2024. Average inflation over 2023 is expected to be +14 to 16 per cent.

This offers a measure of good news for hard-pressed caterers, but food prices are not expected to fall back to previous levels within the forecast period.

To find out more about the prospects of food price inflation for the rest of 2023, read this online feature by Mike Meek, procurement and sustainability director at allmanhall.

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